Bank of America Plans to Launch a Ripple-Like Service for its ‘Cross-Bank Operations’
It has just come to light that the Bank of America is all set to deploy a new app that will allow customers to transfer their money across banks like Merrill Lynch, Merrill Edge or US Trust, without having to go through the process of ‘re-authentication’ every time a transfer is made between the aforementioned financial institutions.
This move is a part of BOA’s latest strategy to “integrate fintech into the traditional financial service domain”. In relation to the matter, a statement on the bank’s official website currently reads:
“We’re pleased to offer our 26 million mobile users a new suite of innovative features.”
More on the Matter
The aforementioned app is primarily tailored to suit the needs of those clients who own a million dollar (or more) worth of assets and are looking to transact between the previously mentioned banks without facing any regulatory red tape or high processing fees. This move can significantly take on the likes of Ripple (XRP) and Stellar (XLM) payment railway services.
While talking about the new app and its envisioned usability, Aron Levine, the CEO of Merrill Edge, stated:
“Our research continues to underscore the growing importance of mobile technologies and financial planning across generations. This is especially true for today’s millennials, as three-quarters believe that all financial decisions will be made with the help of technology in their lifetime, and approximately two in three are already turning to finance apps for guidance.”
Key Features of the App
At this point, it is also worth mentioning that the soon to be released app will most likely come loaded with a host of novel features including:
- A personalized clash flow protocol
- Biometric authentication
- Seamless P2P transactability
- Compatibility with Bank of America’s Digital Mortgage Experience update
- Customizable alert configurations
Not only that, company reps also claim that as time progresses, they will add more features to the app such as an online bill payment module, additional UI updates etc.
While Wall Street has been quite reluctant to embrace cryptocurrencies, the fact that large banking institutions are nevertheless entering this burgeoning domain is a promising sign (to say the least). However, only time will tell if BOA’s latest move will pay dividends for the firm in the near future.